Efficiency Wages and Classical Wage Theory

2007 ◽  
Vol 29 (2) ◽  
pp. 167-188 ◽  
Author(s):  
Michael E. Bradley
Keyword(s):  
Adam Smith ◽  
John Stuart Mill ◽  
Efficiency Wages ◽  
Neoclassical Economics ◽  
Marginal Product ◽  
John Maynard Keynes ◽  
Classical Economics ◽  
Wage Theory ◽  
Nineteenth And Twentieth Centuries ◽  
David Ricardo

In The General Theory, John Maynard Keynes lumped together the marginalist and neoclassical economics of the late nineteenth and twentieth centuries and the more narrowly defined “classical” economics of Adam Smith, David Ricardo, J. R. McCulloch, James and John Stuart Mill and other mainstream economists of the late eighteenth and early nineteenth into what he called the “classical theory of employment,” which he reduced to two “fundamental postulates”:(a) The wage is equal to the marginal product of labour…(b) The utility of the wage when a given volume of labour is employed is equal to the marginal disutility ofthat amount of employment…(Keynes 1936, p. 5).

Geschichte des modernen ökonomischen Denkens

2012 ◽  
Author(s):  
Toni Pierenkemper
Keyword(s):  
Karl Marx ◽  
Adam Smith ◽  
John Stuart Mill ◽  
Friedrich List ◽  
John Maynard Keynes ◽  
Milton Friedman ◽  
David Ricardo

Realökonomische Probleme haben zu allen Zeiten die Theorien der Ökonomie und ihrer großen Denker beeinflusst. Wichtige Themen der Ökonomie sind das gesamtwirtschaftliche Wachstum, Verteilungsprobleme, individuelle Nutzenmaximierung, Keynesianismus, Monetarismus – und ganz neue Ansätze wie Evolutorik, Spieltheorie oder Verhaltensökonomie, die ihr Potenzial noch beweisen müssen. Sie verbinden sich in der Moderne mit Namen von Ökonomen wie Adam Smith, Robert Malthus, David Ricardo, John Stuart Mill, Friedrich List, Karl Marx, John Maynard Keynes oder Milton Friedman. Oder die Betrachtung der Ökonomie verdichtet sich in Stichworten wie Marginalanalyse, Historische Schule, Neoklassik, Institutionalismus, Neue-Institutionenökonomik und Monetarismus – neuerdings auch Evolutorik, Verhaltensökonomik oder Spieltheorie. Für alle, die zur Ökonomie gründlich aufbereitetes und grundlegendes Überblickswissen mit Prüfungsrelevanz suchen.

Schumpeter im sozialwissenschaftlichen Pantheon

Leviathan ◽  
2019 ◽  
Vol 47 (3) ◽  
pp. 375-397
Author(s):  
Heinz D. Kurz
Keyword(s):  
Karl Marx ◽  
Adam Smith ◽  
John Maynard Keynes ◽  
David Ricardo

Der Aufsatz vergleicht die Wirtschafts- und Gesellschaftstheorie Joseph Alois Schumpeters mit den Theorien anderer großer Sozialwissenschaftler, insbesondere denjenigen von Adam Smith, David Ricardo, Karl Marx, Léon Walras und John Maynard Keynes. Das Hauptaugenmerk gilt Gemeinsamkeiten und Unterschieden. Die in der Sekundärliteratur absolut und relativ wachsende Bedeutung des „Propheten der Innovation“ wird unterstrichen.

scholarly journals Legislative framework of in-house procurement

2019 ◽  
Vol 68 ◽  
pp. 01026
Author(s):  
Anatolijs Krivins
Keyword(s):  
Adam Smith ◽  
Public Procurement ◽  
John Maynard Keynes ◽  
Free Competition ◽  
Eu Directive ◽  
Legislative Framework ◽  
Eu Directives ◽  
Main Ideas ◽  
David Ricardo ◽  
The Eu

The article “Legislative Framework of In-house Procurement” examines the importance of the concept of the in-house transactions in Public Procurement. The purpose of the work is to analyse the Legislative Framework from the perspective of the principle of free competition. The study of free competition is based on works and the main ideas of the following authors: Adam Smith, Jean-Baptiste Say, David Ricardo, Thomas Robert Malthus, John Stuart Mill, John Maynard Keynes, Friedrich August von Hayek and Milton Friedman. Having done the analysis of the EU directives and regulations concerning In-house Procurement (Directive 2014/24/EU; Directive 2014/25/EU; Directive 2013/34/EU; Case C-107/98, Case C-26/03, Case C-84/03, Case C-295/05, Case C-480/06, Case C-324/07, Case C-573/07, Case C-196/08, Case C182/11 and C183/11), as well as normative regulations of several countries, the author made a conclusion, that In-house Procurement contains considerable threats to the principle of free competition in Public Procurement. In-house Procurement contains considerable threats to the principle of free competition in Public Procurement. The data obtained confirm this hypothesis. The results obtained allow us to develop recommendations for the Legislative Framework of In-house Procurement. The results of the research can be used by procurement theoreticians and practitioners.

A Look at the Landscape

2017 ◽  
Author(s):  
John Kenneth Galbraith
Keyword(s):  
Economic Activity ◽  
Karl Marx ◽  
Adam Smith ◽  
Economic Life ◽  
John Maynard Keynes ◽  
The Status ◽  
History Of ◽  
Theory Of Value ◽  
David Ricardo ◽  
Economy Change

This chapter discusses the history of economics and the events that shaped that history. It first considers the nature and content of economics, taking into account questions related to the theory of value and the theory of distribution, the institutions involved in economic activity, and the larger political and social framework in which economic life proceeds. It views economics as a reflection of the world in which specific economic ideas have developed, such as those associated with Adam Smith, David Ricardo, Karl Marx, and John Maynard Keynes. It argues that economic ideas are not very important when and where there is no economy. Change in economics has been reluctant and reluctantly accepted, especially by those who benefit from the status quo and economists who have a vested interest in what has always been taught and believed.

The Editor as Scientific Revolutionary: Keynes, The Economic Journal, and the Pigou Affair, 1936–1938

2007 ◽  
Vol 29 (1) ◽  
pp. 15-48 ◽  
Author(s):  
Nahid Aslanbeigui ◽  
Guy Oakes
Keyword(s):  
Economic Theory ◽  
General Theory ◽  
John Stuart Mill ◽  
London School ◽  
Prestigious Journal ◽  
Classical Economics ◽  
London School Of Economics ◽  
Economic Journal ◽  
David Ricardo ◽  
Ultimate Purpose

Thus spake Edwin Cannan, professor of economics at the London School of Economics (LSE) and member of the Council of the Royal Economic Society, publisher of The Economic Journal (EJ). From 1911 to 1945, Keynes was editor of the EJ, arguably the most prestigious journal in British economics. At the time of Cannan's remark in February 1934, when the early drafts of The General Theory of Employment, Interest, and Money were taking shape and Keynes had assumed leadership of a movement to reconceptualize economic theory, he not only had ideas of his own but an uncommonly robust sense of their importance. Although Keynes's conception of the ultimate purpose of economic theory remained true to the Marshallian tradition in which he was trained— forging scientific tools to improve the lot of humankind—his immediate objective was less pacific: the destruction of classical economics (Keynes 1935, p. 36). In his metaphor, classicism was a citadel fortified by an invincible superstructure constructed over generations by economists of great theoretical power and ingenuity, from David Ricardo and John Stuart Mill to Alfred Marshall and his own contemporary, Arthur Cecil Pigou. Because the citadel was vulnerable only in its “fundamental groundwork,” an assault would succeed only by undermining this foundation (Keynes 1973a, p. 533).

The Role of Viticulture and Enology in the Development of Economic Thought: How Wine Contributed to Modern Economic Theory

2012 ◽  
Vol 7 (2) ◽  
pp. 213-225
Author(s):  
Stephen Chaikind
Keyword(s):  
Karl Marx ◽  
Adam Smith ◽  
John Stuart Mill ◽  
Jel Classification ◽  
Economic Thought ◽  
History Of Economic Thought ◽  
History Of ◽  
Modern Economic ◽  
David Ricardo

AbstractThis paper introduces the role wine has played as a central factor in the history of economic thought. The focus is on an examination of documented sources that connect wine and its viticulture and enology with the evolution of economic concepts. Works by Adam Smith, David Ricardo, Karl Marx, John Stuart Mill, Léon Walras, Alfred Marshall, and others are examined, as well as wine economic ideas postulated by Greek and Roman thinkers. (JEL Classification: A1, B1, B3, N00)

scholarly journals Introduction

2006 ◽  
Vol 1 (1) ◽  
Author(s):  
Jurgen Brauer ◽  
J. Paul Dunne
Keyword(s):  
Karl Marx ◽  
Adam Smith ◽  
War And Peace ◽  
John Maynard Keynes ◽  
Thorstein Veblen ◽  
Voluntary Exchange ◽  
History Of ◽  
Werner Sombart ◽  
Douglass North ◽  
David Ricardo

The essay introduces the new journal and points out that economists have a long-standing, albeit virtually unknown, history of thinking about questions of conflict, war, and peace. Prominent contributors include Kenneth Arrow, Kenneth Boulding, F.Y. Edgeworth, John Kenneth Galbraith, Jack Hirshleifer, John Maynard Keynes, Lawrence Klein, Wassily Leontief, V.I. Lenin, Friedrich List, Karl Marx, Jean Monnet, Mancur Olson, Vilfredo Pareto, A.C. Pigou, David Ricardo, Lionel Robbins, Joseph A. Schumpeter, Werner Sombart, Thomas Schelling, Adam Smith, Jan Tinbergen, Thorstein Veblen, and Knut Wicksell, a surprisingly diverse assembly. If one draws the net a bit wider and thinks about how societies constitute and regulate themselves, even thinkers such as James Buchanan and Douglass North would be included in this list. Members of society can produce and engage in voluntary exchange and grant-making, or they can produce and appropriate from each other. Clearly, economics as a discipline is intimately linked to issues of conflict, war, and peace.

Public Debt in Post-1850 German Economic Thought vis-à-vis the Pre-1850 British Classical School

2014 ◽  
Vol 15 (1) ◽  
pp. 62-83 ◽  
Author(s):  
Carl-Ludwig Holtfrerich
Keyword(s):  
Nineteenth Century ◽  
Public Debt ◽  
David Hume ◽  
Adam Smith ◽  
Public Investment ◽  
John Stuart Mill ◽  
Economic Thought ◽  
Debt Accumulation ◽  
David Ricardo

Abstract The positions of British and German economists on public debt in the long nineteenth century differed substantially from each other. Whereas British classical economists regarded any public debt as ruinous for the country, German economists promoted debt accumulation for productivity-enhancing public investment and current outlays with benefits for future fiscal years. This article summarizes the positions of the most prominent British economists before 1850, David Hume, Adam Smith, David Ricardo, Thomas R. Malthus and John Stuart Mill, and deals more extensively with those of their German colleagues Carl Dietzel, Lorenz von Stein and Adolph Wagner after 1855.

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